Investors might have lost their appetite for gold as a safe haven for their money after prices pushed $900 per ounce in early October, but optimists hope prices could return to record levels in 2009.

Stephen Walker, head of global mining research at RBC Capital Markets, said: “While we recently lowered our expectations for gold prices over the next few years, as the global economy slows we remain very positive on the outlook for gold. We see the potential for gold to rally through $900 per ounce in the first half of 2009.”

He is supported in his view by colleague Leon Esterhuizen who said the current economic climate was a “gold price heaven” and it had delivered perfect conditions for its price to rise over the next two years.

He said: “We expect a good performance from the gold price because we believe the current financial markets crisis has delivered the perfect conditions for it to increase over the next year or two.”

Esterhuizen’s enthusiasm is backed by optimistic forecasts from big gold mining companies such as Randgold Resources and AngloGold Ashanti, with chief executives of both companies bullish on prospects during the next few years.

Speaking at a conference on gold hosted by RBC Capital Markets, Mark Bristow, chief executive of Randgold Resources said: “Gold mining is the place to be, particularly if you can offer profitable growth and have a balance sheet you’re able to deliver on.”

Although the recent appreciation of the dollar has led some “safe haven” money to flow into the US currency, RBC Capital Markets believes the dollar’s appreciation will be short-term.

Typically, the price of gold moves in reverse correlation to that of the dollar.

Esterhuizen said: “Once deleveraging has run its course, the huge short-term rise in the dollar could reverse rapidly.”